Gold Price Today: Below $4,000 as October Hike Odds Near 7%…
By Abdelaziz Fathi
AI summary of the source article
Gold prices dropped below $4,000 per ounce to reach their weakest level since July 20. The decline came amid persistent expectations of a December Federal Reserve rate hike and forced selling to cover equity losses.
Why it matters
This distinction matters because gold responds not just to the next policy decision but also to the expected path of interest rates and inflation-adjusted yields.
Key facts
- Spot gold fell below $4,000 to trade at $3,996.71 per ounce on October 23.
- Markets priced a 92.8% probability of no Fed rate hike in October, but an implied 78% to 81% chance of a hike by December.
- Newmont reported third-quarter all-in sustaining costs of $1,454 per ounce and an average realized gold price of $4,317 per ounce.
Source excerpt · FinanceFeeds
Gold fell below $4,000 an ounce on Friday, October 23, breaking the support level FinanceFeeds identified a day earlier, even as financial markets priced a nearly 93% probability that the Federal Reserve would leave interest rates unchanged at its October meeting. Spot gold traded at $3,996.71 per ounce at 3:06 p.m. Eastern time on Friday, according to GoldPrice.com, after Reuters reported an intr…